USDCAD is now heading into positive territory
Resistance Levels | Support Levels |
R3: 1.0465
|
S1: 0.9985
|
For the coming week, the USDCAD is now showing a strong bullish reversal stance in its movement, as prices are now showing strong traction and currently moving at 1.0118, indicating a strong bullish stance for the coming session due to its reversal stance. In addition, the bullish shift in its price action can be attributed to its 63-day SMA (olive line) and 84-day SMA (black line) and its 5-day EMA, 9-day SMA and 21-day SMA, as the 5-day EMA and the 9-day SMA as lines are now concocting a bullish reversal pattern in its moving averages showing the bullish pattern at the moment.
In its economic outlook, anticipate the Greenback to project strength in its fundamentals, since most analyst are skeptic whether the Greenback strength is justified, since the broad based USD buying was the key topic since the US jobless claims gathered great optimism this Thursday. The USDJPY finally breached above the 100-resistance while the euro and sterling both faded on the speculation that the Fed may taper the bond purchases before the end of the year. In addition, released this morning, the disappointing construction data further weighed on the negative sentiment in GBP trading. Today and through the weekend, the G7 finance ministers and central bankers will gather in London to discuss about the ways to boosts the growth and revive the economies.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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